Los Angeles County recently released their annual scorecard. The Economic Development Scorecard created by the Chief Executive Office is intended to track the progress made by the County in impacting economic development in the areas of workforce development, loan and business assistance, financial assistance and capital development. Using data and infographics, the scorecard helps to sheds light on the progress of newly added department projects such as, current active local and targeted worker hire goals and other areas of investment throughout Los Angeles County.
The result of a motion by Supervisor Mark Ridley-Thomas, these analytics help to make better decisions, better enables key strategic initiatives and improves community outcomes. For instance, insights from Los Angeles’ Community Development Authority (LACDA) RENOVATE program for small business renovation projects, and the Workforce Development, Aging, and Community Services (WDACS) INVEST program, a population re-entry program, show the potential of targeted neighborhood business investment and revitalization. In short, the Scorecard provides policy makers with relevant information on Los Angeles County’s economic development programs to strengthen the County’s workforce, quality jobs, and incentivize the growth of small businesses.
Below are some of the takeaways from the 2019-2019 Economic Scorecard:
- BioLA, The LA County Bioscience Investment fund, Bioflex and Bioscience incubators stimulate the future of Los Angeles Counties job growth and will potentially foster and facilitate high paying research based skilled employment. As many of these facilities near completion, the data will continue to support and benefit the Los Angeles’ employment landscape.
- Capital Development Projects including the Vermont Corridor, including senior affordable housing, county employee relocation and retail are projected to revitalize portions of Korea Town. Other Revitalization projects such as Vermont- Manchester, MLK Jr. Medical Office Building, Fairview Heights TOD Plan, Expo/Crenshaw Site, Willowbrook Joint Development Project, West Los Angeles Courthouse, and Grand Ave projects are all examples of development projects that seek to create jobs, revitalize communities, make transportation more accessible and stimulate the economy.
- Workforce Development Program (WDACS) offered training and employment placement services to 10,366, with 6,466 successful completions
- The County has provided a total of 4,243 businesses with technical assistance to grow and maintain their business in FY 2018-2019
- The County has provided a total of 691 businesses with assistance in opening a business in FY 2018-2019
- The Workforce Development, Aging and Community Services (WDACS) oversees layoff aversion and provides technical assistance to businesses in financial danger. In FY 2018-2019 WDACS completed:
- 1,003 Assessments
- 820 Action Plans
- 572 Blueprint Service Recommendations
- Stabilized 2,395 businesses
- Saved 784 jobs